362.950. Affiliated entity of holding companies, transactions authorized--out-of-state transactions.
Affiliated entity of holding companies, transactionsauthorized--out-of-state transactions.
362.950. 1. Notwithstanding any other law to the contrary, any bankor trust company is authorized to conduct at the main banking house or anybranch of such bank or trust company any one or more of the followingtransactions if so authorized by such affiliated entity:
(1) Receiving deposits from, or renewing deposits of, customers ofsuch affiliated entity;
(2) Cashing or issuing checks, drafts or money orders for the accountof customers of such affiliated entity;
(3) Closing and servicing loans and receiving loan payments and otherpayments due from customers of such affiliated entity.
2. Any bank or trust company intending to conduct or to authorize anaffiliated entity to conduct any such transactions shall provide not lessthan thirty days' prior written notice thereof to the director of thedivision of finance.
3. For purposes of this section, the term "affiliated entity" meansany bank or trust company of which at least eighty percent of the votingstock is owned or otherwise controlled, directly or indirectly, by a bankholding company, any individual or a group of individuals, or any otherlegal entity which also owns or otherwise controls, directly or indirectly,eighty percent of the voting stock of the bank or trust company conductingany such transactions.
4. Any bank or trust company may enter into an agreement with one ormore out-of-state banks, trust companies, or both banks and trustcompanies, as a principal, agent, or both principal and agent, for thetransactions authorized in this section. The provisions of this subsectionare enacted to authorize state chartered banks and trust companies the sameinterstate agency authority that a national banking association is providedin Title I, Section 101, of the Reigle-Neal Interstate Banking andBranching Efficiency Act of 1994, Public Law 103-328.
(L. 1992 S.B. 688 § 4, A.L. 1995 S.B. 215)